TNAG-0531-FCO40-626-Application-of-International-Labour-Convention-to-Hong-Kong-1975 — Page 193

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Table 1.

Progress of operations

(Peso amounts in thousands)

Year

Contributions

Benefit payments

Loading

fund

Income on reserves Amount

Per cent

Year-end

reserves

1957

6 582

75

464

38

3.82

6 081

1958

26 877

778

1 917

516

2.84

30 779

1959

39 030

1 902

2 651

2 370

4.94

67 626

1960

45 923

4 108

3 022

3 658

4.20

110 078

1961

59 207

6 272

4 567

6 033

4.49

164 479

1962

65 190

8 983

5 169

8 659

4.56

224 176

1963

74 886

11 404

7 028

12 567

4.98

293 197

1964

85 850

14 745

9 243

16 847

5.20

371 906

1965

97 429

14 367

10 000

20 514

5.02

465 482

1966

114 832

18 342

13 435

28 423

5.61

576 960

19677

123 786

28 297

18 938

36 633

5.95

690 144

1968

140 878

37 652

20 883

41 102

5.75

814 589

1969

151 943

43 688

22 485

53 332

6.22

953 691

1970

168 831

48 993

24 759

67 445

6.74

1 116 215

1971

202 021

55 191

28 407

81 284

6.92

1 315 922

1972

226 358

64 075

30 997

101 582

7.35

1 548 790

1973

382 535

90 808

46 138

130 643

7.82

1 925 022

Total

2 012 158

449 680

250 103

611 646

Ave. 6.50

of

Thus, in the short span of only 17 years, the SSS with its accumulation very substantial reserve funds, is regarded today as one of the major financial institutions in the country providing

providing capital investment leading to

to economic development. Through its investment programme the SSS hopes to contribute signi- ficantly to the successful attainment of the development objectives set forth under the Four-Year Development Plan, FY 1974-77 of the Philippine Government, which seeks among others to:

(1)

promote social development;

(2)

expand employment opportunity;

(3)

(4)

attain a more equitable distribution of income and wealth;

accelerate economic growth;

(5)

promote regional development and industrialisation; and

(6)

maintain price stability.

The important role of the Social Security System under Development Plan can readily be seen from the following tables report of the UNDP Council in Manila in June 1974, "The Philippine mid-Seventies Development for the New Society", as follows:

the Four-Year contained in the Economy in the

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